Healthcare biometrics market to grow to US$5.8 billion in 2019: Transparency Market Research

April 23, 2015 - 

Transparency Market Research published a 97-page report which states that the worldwide market for healthcare biometrics is largely driven by mounting security concerns of the global healthcare industry.

According Transparency’s findings, medical insurance providers and workers in various healthcare services and facilities advocate the need for biometrics in an industry that is rather data sensitive.

The report forecasts that the global healthcare biometrics market will grow to US$5.8 billion in 2019, from approximately US$1.2 billion in 2012. The market will grow at a staggering 25.9% CAGR from 2013 to 2019.

Medical staff at hospitals use healthcare biometric technology, along with patient verification and data access control solutions.

“The use of biometrics in the healthcare industry not only ensures minimization and prevention of fraud, data loss, and resource wastage, abut also enhances the quality, privacy, and safety of hospitals,” said a TMR analyst.

The cost of biometric systems is not very high and these systems function with utmost accuracy and performance, thereby making it a wise and cost-effective investment.

“The amount of capital invested in the installation and maintenance of healthcare biometrics is nothing when compared to the skyrocketing expenses during a time of security breach and medical theft,” said the analyst. “As a result, the demand for biometrics in the healthcare industry has increased immensely, fueling the growth of the global market.”

Concerns regarding the safe storage of biometric templates pose a significant challenge to the healthcare biometrics market.

The report segments the healthcare biometrics market into several technology groups, including face recognition, signature recognition, vein recognition, hand recognition, fingerprint recognition, voice recognition, iris recognition, and others.

Additionally, the report groups the market into major applications of physical access control, logical access control, and transaction authentication, while segmenting regions into North America, Europe, Asia-Pacific, and rest of the world. North America and Europe collectively make up 75% of the global market share, according to the report.

Finally, the report highlights key companies in the market, including SAFRAN SA, BIO-key International, Inc., M2SYS LLC, Lumidigm, Inc., DigitalPersona, Inc., Suprema, Inc., Siemens AG, Aware, Inc., Cross Match Technologies, Inc., NEC Corporation, 3M Cogent, Inc., Fujitsu Ltd., and ZKTeco, Inc.

Leave a Comment

comments

About Justin Lee

Justin Lee has been a contributor with Biometric Update since 2014. Previously, he was a staff writer for web hosting magazine and website, theWHIR. For more than a decade, Justin has written for various publications on issues relating to technology, arts and culture, and entertainment. Follow him on Twitter @BiometricJustin.